Forum to spotlight growth of railway sector in Saudi Arabia

Ammar bin Ahmed Al-Nahdi
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Updated 26 January 2020

Forum to spotlight growth of railway sector in Saudi Arabia

The Saudi Railway Company (SAR), in cooperation with the Ministry of Transport, is racing to prepare for the 2020 Railway Forum, to be held under the patronage of King Salman. The event has garnered the interest of ministers, leaders and influential figures in the transport industry from around the world. It is being considered as yet another achievement to be added to the Kingdom’s economic renaissance in various fields, the most important of which is the transport sector, which is one of the pillars of the Kingdom’s Vision 2030.

The forum, which will be held on Jan. 28 and 29 at the Ritz-Carlton hotel in Riyadh, seeks to showcase the latest findings of the railways and transportation industry, while expanding the horizons of cooperation between concerned international companies, and employing the capabilities required for the development and growth of the transport sector. It also aims to elaborate modern national programs to develop this industry.

The forum aims to shed light on the development and growth of the railway sector in the Kingdom, and to attract investments via local and global partnerships. It seeks to highlight the Kingdom’s role as a major center for transport services in the region. The event hopes to place the railways sector in the Kingdom on the global map, by creating a platform to exchange successful experiences, put forward distinctive ideas, learn about modern technologies in the railway sector, and meet with influential people.

Ammar bin Ahmed Al-Nahdi, director general of corporate communications and marketing at SAR, said: “The forum will witness on the first day a discussion session titled ‘Towards 2030,’ in which Saudi Minister of Transport Saleh bin Nasser Al-Jasser will take part with a group of transport ministers from around the world. It will be followed by the participation of CEOs from the most prominent international companies in another similar session.”


SEC signs SR9 bn financing agreement with 7 local banks

Updated 31 August 2020

SEC signs SR9 bn financing agreement with 7 local banks

Saudi Electricity Company (SEC), the largest utility company in the Middle East and North Africa region, signed on Aug. 26 a syndicated financing agreement worth SR9 billion ($2.4 billion) with seven major local banks. The financing is a 7-year medium-term facility and is unsecured syndicated borrowing. It was arranged and funded by the National Commercial Bank, Bank Albilad, Al-Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi and the Saudi British Bank.

Fahad Al-Sudairi, president and chief executive of SEC, said: “SEC is a national utility, delivering electric services to a growing customer base of almost 9.8 million subscribers in Saudi Arabia. Our vigorous focus is to continue demonstrating operational efficiency improvement, achieve a quantum leap in promoting automation and digitization across our business and further enhance the customer service.”

Al-Sudairi added: “This successful financing comes as part of SEC’s plans to finance its general corporate purposes as well as finance its capital projects such as smart meters, grid reliability improvement and new interconnection projects. The financing will also lengthen the average maturity of our financing mix and is expected to reflect positively on reducing our weighted average cost of funding.”

“I am so delighted with the successful closing of this syndication and the significant interest in SEC’s business from all the major local banks; this really demonstrates a vote of confidence from local banks in SEC and its operations. SEC owns a large and extended asset base throughout the Kingdom and plays a vital and tremendous role in supporting the Kingdom’s economic development across all its sectors,” he added.